Bilateral and trade relations between Panama and the UAE have never been stronger than today, according to a statement by the Consulate-General of the Republic of Panama in Dubai.
"Panama is an attractive commercial partner for the UAE due to its standing as a logistics and transport hub of global importance and the absence of restrictions on investments," said the Consulate's Commercial Attaché, H.E. Cat L. Wall, at the occasion of Monday's Dubai premiere of one of the largest real estate projects in Panama City, the Megapolis Nortia Tower.
"The financial crisis has had little impact on our economy, our banks are stable and the Panama Canal is not significantly affected, either. We welcome the opportunity to open our doors to the UAE, to banks, businesses and investors," Wall added.
Despite the global economic crisis, the figures strongly depict numerous emerging opportunities for enhanced trade and investment with the Central American country. In 2008, Panama's economic growth was 8.27%, and in February 2009, despite the global economic crisis, it remained at 2.59%.
The IMF subsequently forecast the country to post the highest growth in the entire Western Hemisphere. As one of the fastest-growing economies in Latin America and beyond, Panama has been dubbed by some analysts as the "New Dubai" or "the Dubai of Latin America."
Many see the reason for this to be partly due to the real estate boom capturing headlines from Rio to Riyadh.Yet it can also be attributed to the country's solid foundation for global economic success, which includes political stability and an attractive investment environment consisting of modern asset protection laws, some of the strongest financial privacy laws in the world, the largest banking centre in Latin America, and - just like Dubai - it boasts the surrounding region's largest free port.Panama's economic artery is the Panama Canal, the single most important transport route in the Western hemisphere connecting the Atlantic and Pacific Oceans.
In an effort to remain a key logistics and trade hub in the West, in September 2007 work began on a $5.2bn project to widen the canal and double its capacity, enabling it to accomodate the largest cargo vessels.
The expansion is expected to generate tens of thousands of jobs and further boost the economy well after its completion at the time of the Canal's centennial in 2014.The reception at the DIFC showed that investors appear to be flocking to gain a a share in Panama's booming markets.
Located in the heart of Panama City's financial and retail district, Punta Paitilla, the Megapolis Nortia Tower is set to become the largest hotel in the world, boasting more than 4,000 rooms including 2,200 suites, all contained within 74 floors and spread over a built-up area of 190,000 m². With services and facilities of a five-star project, the Megapolis includes various restaurants, convention halls, a health club and wellness spa, and a 5,000 m² casino.
Panama City is the capital of Panama, a tropical country at the junction of Central and South America. Regarded as an international business centre, visitors to this "Crossroads of the Americas" can also enjoy its abundance of natural beauty such as rainforests, dormant volcanoes and hot springs nestled between the Atlantic and Pacifc oceans, as well as the 365 tropical islands dotting the the coastline.
The country's tourism authority recently released a Top Ten Wonders list, whose attractions can be enjoyed at any time of the year, since Panama is the only country in Central America to lie outside the Carribbean hurricane tract.day, according to a statement by the Consulate-General of the Republic of Panama in Dubai.
Fuente: AMEinfo.com
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